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вЂњI didnвЂ™t find it more convenient than the existing digital payment services such as Alipay, except the fact that I can pay without connecting to the internet,вЂќ Zhou said, вЂњhowever, with the 5G network being commercialised, offline electronic payment is barely neededвЂќ. As part of the trial, she had to spend the digital currency at designated brick-and-mortar shops before the digital red packet expired. Without needing a bank account, Zhou could choose a digital wallet from one of the six state-owned commercial banks on the app to store her eCNY.

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In the second trial of ChinaвЂ™s digital yuan held by the Shenzhen government in January 2021, Zhou was selected to receive a digital red packet worth RMB$200 through a lottery, with an exclusive link leading her to download the eCNY app. In ChinaвЂ™s southern tech hub Shenzhen, 33-year-old reporter Sally Zhou got to test out what is said to be the next financial disruptor вЂ“ a digital currency issued by the PeopleвЂ™s Bank of China that could be accessed at her fingertips. research intern in the Energy, Economics, and Security Program at the Center for a New American Security (CNAS).ChinaвЂ™s Digital Yuan: How will it Decide the Future of Money? In turn, the United States could lead the development of a set of international norms on CBDCs and protections of personal privacy to lessen the impact of a globally used eCNY.ДЇrancis Shin isВ a masterвЂ™s student in International Affairs at the Graduate Institute of International and Development Studies in Geneva.В In 2020 he served as the Joseph S.

This could include highlighting the impact of the eCNYвЂ™s data collection capabilities eCNY on personal privacy with the U.S. The United States must therefore coordinate with allies to formulate a multilateral response to the eCNY rollout and the leverage China wields with its outbound tourism. allies accept the usage of the eCNY by outbound Chinese tourism. Such strategic friction will only increase if more U.S. If the eCNY manages to challenge the dominance of the USDВ in global transactions in the medium-term, it could be another arena in U.S.-China strategic competition as the dollarвЂ™s relative decline would erode U.S. As a result, Chinese tourists can pay in renminbi while their money is transferred to foreign accounts in the local currency.Д«y ensuring that Chinese touristsвЂ™ overseasВ paymentsВ reachВ the foreign vendor, eCNYвЂ™sВ presenceВ in the retail sector could increase the use of the renminbi in cross-border transactions. Yet, these subsidiaries are not directly linked toВ payment providerВ accounts in China, instead of using existing correspondent banking relationships to bridge foreign payment systems and China-based Alipay or WeChat payment networks. Accordingly, if a Chinese payment provider offers a more efficient payment method, foreign vendors will have a strong incentive to adopt a payment infrastructure compatible with it.Д¬urrently, there are already joint ventures in several Asian countries between existingВ ChineseВ paymentВ providers,В likeВ Ant Financial (Alipay) and Tencent (WeChat pay),В and local subsidiaries. Outbound Chinese tourism is especially economicallyВ significantВ in Southeast Asia.В In Thailand,В tourism comprised 10 percent ofВ itsВ 2019 GDP,В with the Philippines topping it at a staggering 12 percent ofВ itsВ 2019 GDP.В As Chinese tourists comprised at least 20 percent of the tourism population of several Southeast Asian countries, their spending is an important income source for foreign vendors. In 2019, the population of outbound Chinese touristsВ peaked at 170 million, with the most popular destinations being Thailand, Japan, and Korea ( 10 million, 8.14 million, and 5.51 millionВ respectively).В In the same year,В Chinese tourism grew significantly in Europe.

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